The Nine Classes of Business
We received a substantial number of enquiries about this topic in response to articles published last week. It is not only important to those who are required to do Class of Business (CoB) […]
Best Practice
Fit and Proper Competence Register
Those who love record keeping will be elated by the new requirements contained in Board Notice 194 of 2017. “A FSP must establish, maintain and update on a regular basis a competence register in […]
Training requirements under the new Fit and Proper Determination
The Latest Determination of Fit and Proper requirements refers to three types of training under the competence requirements. A look at the definitions will help readers distinguish more clearly what impacts on them, […]
Professional Principal Executive Officer Qualification
Registration is now open for candidates who want to enrol for the first intake on 26 February 2018. The Professional Principal Executive Officer Qualification is a much-needed stimulus for the professionalisation of the […]
Continuous Professional Development
Under the old dispensation, Continuous Professional Development (CPD) was the third leg of the journey towards becoming a true professional, after successfully completing the level 1 and 2 regulatory examinations. Now that the level 2 […]
Professional Principal Executive Officer Qualification
Registration is now open for candidates who want to enrol for the first intake on 26 February 2018. The Professional Principal Executive Officer Qualification is a much-needed stimulus for the professionalisation of the […]
Guidance on reappointment of debarred reps
A newly published document by the Registrar attempts to address some of the practical problems experienced in the past. “16. The frequency of representative complaints reported to the Registrar’s office, and the intensity […]
Compliance is an ongoing requirement
The importance of having systems in place to ensure compliance was illustrated this week in a notice from the FSB Enforcement Committee. Rule 5.1(a)(i) of the PPR Rules require that a registered entity […]
Fixed-income annuities provide financial certainty post-retirement
As longevity statistics increase, the case for guaranteed or fixed income annuities has become stronger. In the last year, the World Economic Forum has published a white paper estimating the global gap in […]
FAIS Cat I and II licences
We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the […]
Proposed Amendments to General Code of Conduct
The Registrar published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services Providers […]
Become a Retirement Fund Professional
Principal Executive Officers are the drivers of retirement funds in Southern Africa. Given the important role they play within the governance structure of a retirement fund, including the proper performance of the board […]
Stick to the script
We receive many enquiries from readers about debarments, like this one last week: The reason why I was debarred was that I helped a customer with a loan application over the phone. I […]
Qualifications and Execution of Sales
The new Fit and Proper (F&P) requirements due for publication any day now contains reference to a new concept which aims to address a thorny issue, namely the different levels of complexity of […]
The Demise of Churning?
The good news is that the Regulator now understands that not all replacements are bad. One must question the rationale behind making the receiving insurer accountable for assessing whether a replacement is justified […]
Catastrophes and the Bottom Line
Using attention-grabbing adjectives in news headlines to describe life-changing events has been the preserve of news offices around the world for years. Over the course of the past few weeks, news reports have […]
Standardised Short–term Personal Lines Terminology
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to […]
